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BlackRock Head Executive Denies Company Exploration of Crypto Market

This week, reports circled around that BlackRock, the largest exchange-traded funds provider in the world was interested in the digital coin market. In an interview, its CEO, Larry Fink, shut down any rumors or beliefs that the company was actually deciding on whether to join in or not, as well as how.


No Interest

During the interview, Fink stated that the company’s clientele has expressed no interest in the cryptocurrency-related business. He stresses that not a single client has displayed any interest in being involved. 

The CEO states that the company’s entire clientele have not displayed a shred of interest in digital assets. Investors expressing hesitance towards the crypto industry and its currencies is not uncommon given the current state. In light of his comments, it completely goes against any made by Isabelle Lago, the MD and head strategist who said that the company is asked about BTC on a weekly basis.

The company’s head executive also stated that it aims to study and research digital markets and wait for proper regulations to be implemented. The company will also debate on whether the leading cryptocurrencies are proper alternatives to cash.

Confusion

Shareholders possessing crypto will be left in a state of confusion given the directly conflicting comments from the CEO and MD stating the company’s strong interest in adopting cryptocurrency investments. A prior explanation said that BlackRock created a team of specialists to study and measure the benefits of crypto and blockchain investments.

As news of the company’s possible interest spread, BTC made a large leap in value, breaching through the $6.6K mark. Despite everything, the CEO says that BlackRock has not created or design any plans regarding the launch or creation of a platform for digital exchange.

The head executive’s stance on cryptocurrencies is a known fact. Last year, Fink labeled the world’s leading digital coin, Bitcoin, as unreliable and risky. He stated that the coin’s rise in popularity and reputation was fueled by the anonymous environment available for hackers and other illegal acts. 

JP Morgan’s head executive, Jamie Dimon, has dubbed Bitcoin a fraudulent concept on multiple occasions last year, even going as far as threatening his own employees for involvement in digital exchanges and crypto. This year, the same bank is making big developments towards its introduction to the market.

2 years ago

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